The company has already written down the value of the holding to zero following the attack on Ukraine, and there’s been no interaction with Russia or any transfer of money in either direction since then, he said. Russia also took control of utilities owned by Finland’s Fortum Oyj and Germany’s Uniper SE.įraport is evaluating the consequences of the Kremlin’s decision, a spokesman said. It seized Russian plants owned by Danone SA and Carlsberg A/S in July and installed allies of Putin to run them. That differed from earlier Kremlin takeovers of the local operations of international holdings, which were based on legislation Putin signed in April that allowed Russia to impose temporary state control over the assets of companies or individuals from “unfriendly states.” The order on Pulkovo relied on laws signed long before Putin’s February 2022 invasion of Ukraine and was based on a “threat to the national interests and economic security of the Russian Federation resulting from the violation of obligations by certain foreign legal entities.” Putin’s decree potentially left open the door for the Middle East investors to regain their voting rights by saying stakeholders could restore them “upon their application, subject to the conclusion of corporate agreements with other participants in the company and upon the assumption of obligations to comply with Russian legislation.” While Germany is viewed as “unfriendly” by the Kremlin, Qatar and Abu Dhabi are not. Petersburg also has a military airport, Levashovo. Putin told the government to create a new management body for the operator of Pulkovo, which is Russia’s busiest airport after Domodedovo in Moscow and served 17.5 million passengers through October this year. The remainder is controlled by a consortium of investors including Russia’s sovereign wealth fund, RDIF, Mubadala and Baring Vostok, according to the Interfax news service. German airport operator Fraport, the Qatar Investment Authority, and Russia’s VTB Bank each hold about 25% of Pulkovo’s concession. It’s taking place as Putin asserts Russian “sovereignty” against the US and its allies ahead of a likely declaration he’ll run for a fifth presidential term in March elections. The transfer of the shareholdings in the airport of Putin’s home city follows earlier Kremlin retaliation against “unfriendly countries” for measures taken to punish Russia for its war in Ukraine. Petersburg’s Pulkovo airport will be consolidated in a new Russian company under a decree published late Thursday.Įxisting investors, which also include a consortium with Abu Dhabi sovereign fund Mubadala Investment Co., will retain their stakes but won’t be able to vote because those rights will be held only by Russian shareholders in the new company. Shareholdings in the Cyprus-registered concession that runs St. Israel Says Hamas Violated Terms of Cease-Fire as Truce Lapsesīanking Escapees Make Billions From Private Credit Boom Woman Discovers Over $86 Million Mistakenly Deposited in Her Bank Account Petersburg Airport From Foreign Investors (Bloomberg) - President Vladimir Putin ordered the transfer of rights to managing Russia’s second-busiest airport from foreign shareholders that include Germany’s Fraport AG and the Qatari wealth fund by shifting their stakes into a new domestic entity.Įxxon Among 50 Oil Producers in Controversial Climate Pact at COP28
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